Sarbanes-Oxley Symptom, Not Cause, of
Dysfunction

Updated Sept. 10, 2003 12:01 a.m. ET

Peter Wallison's attempt to "Blame Sarbanes-Oxley" (editorial page, Sept. 3) for anemic economic growth is unconvincing at best, if not totally wide of the mark. Let's keep our eye on the ball here: efficient corporate governance requires transparency and accountability. Fueled by their "animal spirits," professional managers failed to provide this during the latest cycle and so regulators passed the buck to independent directors. Going back to a "heads we win, tails you lose" management style is unacceptable to shareholders -- it's a strategy that can only yield illusory short-term...